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Registration number: 00200977

Burnley Cricket Club Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2017

KM
Chartered Accountants
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

 

Burnley Cricket Club Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 9

 

Burnley Cricket Club Limited

Company Information

Directors

T Pickup

W Harvey

J Clare

F C Hadfield

A J Lamb

M J Brown

P T Broadhurst

D Lawson

A Shorrock

Company secretary

W Harvey

Registered office

Turf Moor
Belvedere Road
Burnley
Lancashire
BB10 4BX

Accountants

KM
Chartered Accountants
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

 

Burnley Cricket Club Limited

(Registration number: 00200977)
Abridged Balance Sheet as at 30 September 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

35,647

25,789

Investments

5

100

100

 

35,747

25,889

Current assets

 

Stocks

1,975

1,070

Debtors

1,200

1,200

Cash at bank and in hand

 

31,470

33,509

 

34,645

35,779

Creditors: Amounts falling due within one year

(10,154)

(22,220)

Net current assets

 

24,491

13,559

Total assets less current liabilities

 

60,238

39,448

Accruals and deferred income

 

(293)

(60)

Net assets

 

59,945

39,388

Capital and reserves

 

Called up share capital

5,996

5,996

Profit and loss account

53,949

33,392

Total equity

 

59,945

39,388

 

Burnley Cricket Club Limited

(Registration number: 00200977)
Abridged Balance Sheet as at 30 September 2017

For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 4 January 2018 and signed on its behalf by:
 

.........................................
P T Broadhurst
Director

   
     
 

Burnley Cricket Club Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2017

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Turf Moor
Belvedere Road
Burnley
Lancashire
BB10 4BX

These financial statements were authorised for issue by the Board on 4 January 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Not depreciated

Pavilion and scoreboard

10% per annum reducing balance

 

Burnley Cricket Club Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2017

Plant and machinery

10% per annum reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Burnley Cricket Club Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

 

Burnley Cricket Club Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2017

4

Tangible assets

Total
£

Cost

At 1 October 2016

153,458

Additions

11,732

At 30 September 2017

165,190

Depreciation

At 1 October 2016

127,669

Charge for the year

1,874

At 30 September 2017

129,543

Net book value

At 30 September 2017

35,647

At 30 September 2016

25,789

5

Investments

Total
£

Cost

At 1 October 2016

100

Provision

Net book value

At 30 September 2017

100

At 30 September 2016

100

 

Burnley Cricket Club Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2017

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2017

2016

Subsidiary undertakings

Burnley Cricket Club (Bar) Limited

Turf Moor Burnley

Ordinary shares

100%

100%

 

England

     

The principal activity of Burnley Cricket Club (Bar) Limited is Bar

The profit for the financial period of Burnley Cricket Club (Bar) Limited was £994 and the aggregate amount of capital and reserves at the end of the period was £17,169.

6

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

5,996

5,996

5,996

5,996

         
 

Burnley Cricket Club Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2017

7

Related party transactions

Summary of transactions with subsidiaries

Burnley Cricket Club (Bar) Limited
 

Summary of transactions with other related parties

Burnley Cricket Club (Bar) Limited
 Wholly owned subsidiary of Burnley Cricket Club Limited
 Burnley Cricket Club (Bar) Limited paid rent of £15,000 (2016 - £15,000) and a donation of £42,000 (2016 - £11,000) to Burnley Cricket Club Limited. At the balance sheet date the amount due to Burnley Cricket Club (Bar) Limited was £8,527 (2016 - £19,652)
 

Income and receivables from related parties

2017

Subsidiary
£

Leases

15,000

Transfers under licence agreements

42,000

57,000

2016

Subsidiary
£

Leases

15,000

Transfers under licence agreements

11,000

26,000

Expenditure with and payables to related parties

2017

Subsidiary
£

Amounts payable to related party

8,527

2016

Subsidiary
£

Amounts payable to related party

19,652